Brent crude prices fell on Friday as president Donald Trump promised not to attack Iran ahead of the US midterm elections in November

UK and US telecom stocks have tumbled after Elon Musk’s SpaceX took a major step towards launching a Starlink mobile service for American consumers.

The company announced it had bought a nationwide low-band spectrum license portfolio that it said would help it launch a full mobile business in the US.

This prime low-band spectrum addresses one of the key remaining technical gaps that will pave the way for Starlink Mobile to become a major mobile carrier in the US.